- From a technical analysis perspective, the WTI Crude is still evolving within a “Descending Triangle” range configuration in place since 23 Apr 2019. Interestingly, the on-going rally has stalled right at the range resistance of 56.95 and formed a bearish “Shooting Star” reversal candlestick pattern coupled with a bearish RSI oscillator.
- These observations suggest that the recent upside momentum has started to ease off.
- Right now, If the 56.95 key short-term pivotal resistance is not surpassed, WTI may see a push down to retest 53.10 before targeting the range support of 50.70.
- On the other hand, a break with an hourly close above 56.95 negates the bearish tone for another round of corrective rebound to retest 11 Jul 2019 swing high area of 60.35.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.